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Why downsizing is a growth industry

Releasing equity is a big bonus of moving to a smaller home, but coping with less space can be a problem for some

Claire Carponen

October 25 2013, 1:01am, The Times

Downsizing — moving to a smaller property — is growing in popularity. According to a recent report by the National Association of Estate Agents (NAEA), just under a quarter of homeowners in Britain are considering downsizing. For “empty-nesters” — those whose children have left the family home — or property owners who no longer need lots of space or land, selling and moving into a smaller home can be hugely appealing. After all, it can potentially mean an end to mortgage payments and lower energy bills — which could soon be almost as burdensome as a mortgage. Downsizing retirees expect to release on average £62,000, according to a report by the Prudential, the life insurance company.